Our weekly recap in news and notes from around the web in the world of Small Business follows. Before we get to the success story, a word from our sponsor. Have you tried our free online inventory system, Stockpile? If not, you don't know what you're missing:-)
These tidbits can be related to information from the IRS to innovations in technology impacting small business owners as well as information on how to improve your small business. This week we look at an article by Jose Pagliery from the CNN Money (http://money.cnn.com/2013/02/26/smallbusiness/temp-workers/index.html). Jose looks at clothing designer Buffalo Jackson and owner Xan Hood. Xan who like most small business owners are strapped for cash, found a way to cut back payroll cost by roughly $270,000. How did Xan accomplish this? He went the freelance route.
"Xan Hood's small clothing company relies on seven workers -- but not a single one is on his full-time payroll. He's got two artists, two accountants, a photographer, a web consultant and a customer service representative -- and they are all freelancers. If they were on Hood's payroll, their combined salary would probably have cost him $300,000 last year. Instead, he paid closer to $30,000. His cash-strapped startup, Buffalo Jackson in Charlotte, N.C., doesn't need them working full-time. At this point, there just isn't enough work to do. "We need to be efficient and resourceful with the little we have," Hood said.
Xan has identified a way save money for his startup. Being able to employee individuals who are necessary for a business to be successful are key but having full-time employees for a start are not necessary since there usually is not enough work to keep them productive. Being able to cut costs if very important for a small business to be successful. Canvus offers just that type of solution with stockpile, their online inventory application. If used correctly, stockpile will be able to track real-time inventory levels keeping small business owners from over spending on inventory or even over staffing their company.
